ANZ to reap COVID-19 crisis dividend in the years ahead

ANZ CEO Shayne Elliot says the bank will reap the benefits of its actions in standing by customers and staff during the COVID-19 crisis.

ANZ chief executive Shayne Elliott. Photographer: Adam Yip

The COVID-19 crisis had done more to reshape ANZ and its relationship with customers than many crises of the past years, according to chief executive Shayne Elliott.

Speaking with Minter Ellison chief executive and managing partner Annette Kimmitt, Mr Elliott said the pandemic had created “an acceleration of pre-existing trends”, many of which would be “a permanent change”.

“I don’t know what people are going to be doing in five years but I’m sure it’s going to be different,” he added.

Mr Elliott said ANZ was reaping the benefits of work done pre-crisis, both in pandemic planning as well as culture building.

“In a time of crisis, in good cultures, people bind together and they become much more supportive of each other.”

He said the bank had never planned for a pandemic but for an outbreak confined to a certain country or region.

“What this has raised is bigger questions about the risk-profile of companies. How do you think about supply chain? How do you think about your employees working from home? How do you think about your dependencies, about outsourcing capabilities to other markets?” he said.

“We have to think more broadly about risk management and we’ll learn to be more considered about risk management.”

Mr Elliott said the pandemic had reframed the way the bank approached issues and its customers.

“In a crisis your horizon has to be much longer, your reputation matters because in the long term your reputation will sustain the company.

“We know it is the way that you, as a bank, treat your customer at a time like this … will never be forgotten.

“You have this amazing opportunity to stand behind the people, your customers, who have the character and capacity to survive the long term.

“In a funny way, crises reward those strong relationships. When times are good people forget the value of the relationship: ‘I can get a loan from anybody.’

“But in a time of crisis it reminds me: I know my banker, I know who to call, they stood behind me.”

Mr Elliott said the bank was now taking a look at the behaviour of its customers during this period.

“We’re going through name by name of our core customers and asking: ‘How has this customer behaved, how did they treat their employees, how did they treat their suppliers, how have they behaved in the community?’ ” he said.